River Wealth Advisors LLC lessened its holdings in Parker-Hannifin Co. (NYSE:PH – Free Report) by 6.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,225 shares of the industrial products company’s stock after selling 388 shares during the period. River Wealth Advisors LLC’s holdings in Parker-Hannifin were worth $2,038,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently modified their holdings of the stock. SG Americas Securities LLC boosted its holdings in shares of Parker-Hannifin by 57.7% in the first quarter. SG Americas Securities LLC now owns 752 shares of the industrial products company’s stock worth $253,000 after acquiring an additional 275 shares during the period. American Trust bought a new stake in Parker-Hannifin in the first quarter valued at approximately $334,000. DekaBank Deutsche Girozentrale boosted its stake in shares of Parker-Hannifin by 59.1% during the second quarter. DekaBank Deutsche Girozentrale now owns 575,425 shares of the industrial products company’s stock valued at $225,261,000 after purchasing an additional 213,848 shares during the period. Empower Advisory Group LLC bought a new position in shares of Parker-Hannifin in the first quarter worth approximately $409,000. Finally, Elo Mutual Pension Insurance Co bought a new position in shares of Parker-Hannifin in the first quarter worth approximately $3,446,000. 82.25% of the stock is owned by hedge funds and other institutional investors.
Parker-Hannifin Stock Performance
Shares of NYSE PH opened at $419.45 on Friday. The firm has a 50 day moving average of $392.35 and a 200 day moving average of $380.08. The firm has a market capitalization of $53.89 billion, a price-to-earnings ratio of 23.29, a price-to-earnings-growth ratio of 1.54 and a beta of 1.49. The company has a current ratio of 0.89, a quick ratio of 0.50 and a debt-to-equity ratio of 0.81. Parker-Hannifin Co. has a 12-month low of $281.19 and a 12-month high of $428.16.
Parker-Hannifin Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Monday, November 13th will be given a dividend of $1.48 per share. The ex-dividend date of this dividend is Friday, November 10th. This represents a $5.92 dividend on an annualized basis and a dividend yield of 1.41%. Parker-Hannifin’s dividend payout ratio is currently 32.87%.
Analyst Upgrades and Downgrades
A number of equities research analysts recently commented on PH shares. Morgan Stanley upped their price target on shares of Parker-Hannifin from $408.00 to $448.00 and gave the company an “equal weight” rating in a report on Monday, August 7th. Bank of America raised Parker-Hannifin from a “neutral” rating to a “buy” rating and raised their target price for the stock from $435.00 to $475.00 in a research note on Thursday, October 5th. StockNews.com initiated coverage on Parker-Hannifin in a report on Thursday, October 5th. They set a “buy” rating on the stock. Barclays upped their price target on Parker-Hannifin from $425.00 to $470.00 and gave the company an “overweight” rating in a research report on Friday, August 4th. Finally, Stifel Nicolaus reiterated a “buy” rating and issued a $470.00 price objective on shares of Parker-Hannifin in a research report on Wednesday, October 11th. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $450.71.
Insider Buying and Selling
In other news, Director Joseph Scaminace sold 1,660 shares of the firm’s stock in a transaction dated Tuesday, September 12th. The shares were sold at an average price of $409.91, for a total value of $680,450.60. Following the completion of the sale, the director now owns 5,487 shares in the company, valued at approximately $2,249,176.17. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Joseph Scaminace sold 1,660 shares of the company’s stock in a transaction dated Tuesday, September 12th. The shares were sold at an average price of $409.91, for a total value of $680,450.60. Following the transaction, the director now directly owns 5,487 shares in the company, valued at $2,249,176.17. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Todd M. Leombruno sold 5,002 shares of Parker-Hannifin stock in a transaction dated Tuesday, August 29th. The shares were sold at an average price of $416.11, for a total transaction of $2,081,382.22. Following the sale, the chief financial officer now owns 11,656 shares of the company’s stock, valued at approximately $4,850,178.16. The disclosure for this sale can be found here. 1.03% of the stock is currently owned by company insiders.
Parker-Hannifin Corporation manufactures and sells motion and control technologies and systems for various mobile, industrial, and aerospace markets worldwide. The company operates through two segments: Diversified Industrial and Aerospace Systems. The Diversified Industrial segment offers sealing, shielding, thermal products and systems, adhesives, coatings, and noise vibration and harshness solutions; filters, systems, and diagnostics solutions to ensure purity and remove contaminants from fuel, air, oil, water, and other liquids and gases; connectors used in fluid and gas handling; and hydraulic, pneumatic, and electromechanical components and systems for builders and users of mobile and industrial machinery and equipment.
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